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Whether it is your first vehicle or tenth vehicle, getting the right car insurance coverage can be a daunting task. Along with multitudes of advertisements encouraging you to go with one company instead of the next, the terms used can be confusing.
Auto insurance terms are not only important to understand while selecting your carrier, but also in case you are involved in a car collision. In Ontario there were more than 215,000 collisions reported in 2010, 79 percent of which resulted in property damage. Furthermore, in 2010 more than 64,000 people were injured in car accidents.
Car insurance can help protect a driver from having to pay out-of-pocket for property damage and medical expenses, however, not all drivers choose to get covered.
Did you know that in Canada, it is mandatory that drivers insure their vehicles with accident benefits and bodily injury which provides medical care and income assistance to insured persons in a collision, no matter who caused the accident?
Have you or someone that you love been involved in an accident that was caused by an uninsured or under-insured driver?
Despite the mandatory coverage needed, some drivers will not have enough insurance or any at all. In some cases the injured drivers own insurance company will not provide adequate compensation.
At the law offices of Greg Monforton & Partners, our car accident lawyers have decades of experience and are ready to help fight for your rights today.
Call us toll free for a free review of your claim. Ph: (866) 320-4770
Auto Insurance Terms
Getting acquainted with common auto insurance terms can help a driver understand their own insurance policy. It may also help them dispute claims should they be denied coverage or not receive enough after a collision that was no-fault of their own.
The following is a list of common auto insurance terms:
Absolute Liability The liability of the at-faults insurance company to compensate someone harmed by the insured, even if the insured violated the terms of their insurance policy.
Accident Benefits Coverage of medical care and income assistance for insurer involved in a collision, sometimes referred to as Section B.
Additional Insured Persons besides policy holder who is protected by the terms of the policy.
Adjusting The process of reviewing and settling losses with or by an insurance company.
Assumed Liability Also known as contractual liability and is the responsibility an individual takes by entering into an expressed or implied contract.
Bodily Injury Physical injury as a result of an auto accident.
Branding After a collision a vehicle may be branded to indicate its state of disrepair. Vehicle may be referred to as salvageable, irreparable, stolen, and rebuilt.
Claimant One who makes a claim.
Collision Coverage Optional type of insurance coverage that pays for the cost of repairing the insured vehicle if it is damaged in a collision; sometimes referred to as Section C.
Comprehensive Auto Coverage Covers the loss or damage due to miscellaneous causes such as fire, theft, windstorm, and vandalism.
Compulsory Insurance Insurance required, usually auto, by the government.
Deductible Agreed upon amount to be deducted from the amount of loss and assumed by the insured.
Drive Other Cars Clause Clause that protects policyholder while he/or she is driving a vehicle not described in the policy.
Fault Determination Rules charts or rules used to determine fault for Direct Compensation – Property Damage claims. Does not include bodily injury claims.
Liability Insurance that pays for the damages or losses suffered by another for which the insured is legally responsible.
Liability Limits The limit set forth that the insurance company will cover; the insured must pay the balance not covered.
No-Fault Insurance Provides coverage for personal injuries or death caused by an auto accident no matter who was at-fault.
Physical Damage Coverage Provides physical damage coverage of insured vehicle.
Salvage After paying for total loss of property, insurer takes title of what remains of or is recovered of the property.
Third Party Liability Covers the insured if his or her vehicle injures someone else or their property and they are held liable. Also known as Section A.
Underinsured Coverage – Pays for the bodily injury or property damage caused by the driver or operator of an underinsured vehicle.
It is important that before you sign for up for auto insurance or accept compensation for a claim made that you completely understand the terms being used. Don’t hesitate to ask your insurance company questions about what youre signing or requesting that they explain everything in detail.
Need Help After An Accident? Contact Us Today
Being involved in a collision can be a frightening experience and most persons will be speaking with their insurance company shortly after the incident. Becoming knowledgeable in car insurance terms can speed the process along, however, having an experienced lawyer can help you fight for the compensation you deserve.
For more than 30 years the knowledgeable team of lawyers at Greg Monforton & Partners has provided comprehensive legal counsel to car accident victims. Our office is located in Windsor, Ontario, but we proudly serve the surrounding areas, including:
- London
- Toronto
- Hamilton
- Niagara
- Oakville
and many more local towns and cities. To find out how we can help you with your auto accident claim, contact us at (866) 320-4770. Our Lawyers can help you determine if you have a case, and if so, how to proceed.
You can also contact us online by filling out the FREE CASE REVIEW form at the top right hand corner of this page its 100% FREE to submit.